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Quilter to offload its life assurance arm for £425m

Aug 06, 2019 - City A.M.
Mergers and Acquisitions

QUILTER plans to sell its life assurance business to rival Reassure for £425m as it tries to streamline its operations.

The FTSE 250-listed asset manager, formerly known as Old Mutual Wealth Management, hopes to complete the deal later this year, subject to regulatory approval.

Yesterday's announcement came as Quilter reported a first-half operating loss of £40m, but said adjusted pretax profit rose five per cent to £115m. Assets under management and administration at Quilter rose...